Oil Price Elasticity

Abstract: A 6 page paper discussing the effect of discovery of new oil fields in Asia. The paper considers the effect on world oil markets as well as coal (as a substitute for oil), and the effect on the local economies most directly affected by the discovery and exploitation of the new oil fields. The focus of the paper is supply and demand, and the relative inelasticity of both oil and coal prices. Includes one diagram. Bibliography lists 5 sources.

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Catagory:

Subcatagory: Economics And Economic Theory

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